Quantative easing now back on the cards as UK economy shrinks by 0.5%
The Office for National Statistics (ONS) has revealed that UK GDP contracted by 0.5% in the fourth quarter of 2010.
The ONS also announced that the economy grew by 1.7% year on year, much less than the 2.6% forecasted. Economists have blamed the contraction on the wintry weather that affected most of Britain in December.
Mark Bolsom, head of the UK trading desk at Travelex Global Business Payments, commented: "We knew that snow had seriously impacted retail sales in December but this will come as a massive shock; nobody expected contraction.
"It's a real disaster, given that January's VAT hike will drain even
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